Avalanche Rumbles: AVAX Eyes To Reclaim $50 As Upgrade Fuels Optimism On Testnet
February 14 2024 - 6:30AM
NEWSBTC
In the dynamic realm of cryptocurrencies, Avalanche (AVAX) is
causing a stir, riding the waves of a recovery rally that commenced
last month. As the broader spectrum of alternative coins
experiences a resurgence, AVAX stands at the forefront, ready to
extend its ascent, with whispers in the market hinting at a
potential surge towards the coveted $50 mark. Related Reading: Are
We Headed For Another $69K? Bitcoin Price Surges As Greed Dominates
Crypto Market Avalanche Booms: Durango Upgrade Ushers Growth
Presently, the AVAX price confidently stands above the 50%
retracement level at $39.91, signaling a robust support level
within the market range spanning from $28.00 to $49. Technical
indicators add to the positive sentiment, with the Simple Moving
Averages (SMA) gracefully trending upwards. This suggests that the
path of least resistance favors continued price appreciation,
creating an optimistic atmosphere among market observers. This is a
big opportunity for Avalanche builders and validators to learn all
the ins and outs of Durango 🌀 Going live right here on X or on
YouTube this Wed. at 12pm ET 👇 https://t.co/811uVwOIg9 — Avalanche
🔺 (@avax) February 12, 2024 The buzz surrounding AVAX reaches a
crescendo as the eagerly anticipated AVAX Durango upgrade gears up
for implementation on the 13th of February. The community’s
anticipation has been steadily building since the pre-release of
the upgrade’s code on February 2. This upgrade brings forth a suite
of exciting features, including the Avalanche Warp Messaging (AWM)
functionality. The AWM is poised to revolutionize communication
capabilities on-chain and across chains, promising a more
interconnected and resilient network. This enhancement is set to
facilitate seamless interoperability of protocols on the
ever-evolving Avalanche platform. AVAX currently trading at $41.31
on the daily chart: TradingView.com Market analysts, fueled by the
palpable excitement, predict that the mounting buying pressure
could propel a substantial 20% surge, potentially propelling AVAX
to $49.95, effectively filling the current market range. In a more
bullish scenario, the gains might extend to $54.92, marking levels
not witnessed since the bloom of May 2022 and showcasing an
impressive 35% climb from current valuation. AVAX social dominance
volume. Source: Santiment AVAX: On-Chain Metrics Signal Sustained
Growth Examining the coin’s on-chain metrics, an additional layer
of support for this positive outlook can be seen. Both social
dominance and social volume metrics for AVAX have gracefully eased,
painting a picture of serenity in the market. This tranquility
often lays the foundation for sustained price growth, steering
clear of premature topping out fueled by heightened volatility from
mainstream attention. Related Reading: Solana Surges: Open Interest
Hits $1.75 Billion, Price Up 8% Today As the imminent AVAX Durango
upgrade takes center stage, traders and investors are on the edge
of their seats, eagerly awaiting the potential surge that might
unfold. With technical indicators, on-chain metrics, and market
sentiment aligning favorably for AVAX, the cryptocurrency seems
poised to continue its upward trajectory, potentially scaling new
heights in the unfolding weeks. Featured image from Pixabay, chart
from TradingView
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